Are online reviews the new referrals?

Every insurance broker understands the importance of client referrals but, in an increasingly digital world, some industry players are suggesting that online reviews are steadily taking over.

“Brokers know the value of referral-based business therefore they know the value of their reputation and the value of how they treat and interact with their customers,” says Andy Jamieson, CEO of insurtech business, Advisr.

“However, that’s changed or evolved over time and customers are now looking for referrals in a digital environment,” he continues.

Even when a potential customer has received a recommendation in person, Jamieson says many still seek out online confirmation – searching for the broker’s name and business as well as client reviews.

“They’re looking to be able to connect with someone online but that can be a challenge,” he tells Insurance Business, noting that many SME brokerages still have a limited online presence.

“Insurance is one of the most competitive spaces online, for brokers to maintain relevance and position with customers they need to be doing more online,” he urges.

Advisr has been designed to bridge that gap – helping brokers build their online presence and making it easier for customers to connect, while also providing a platform for clients to leave reviews.

According to Jamieson, those with positive client reviews on the platform garner 25 times more interest than brokers without any, so building up a bank is vital – but how do they do it?

“Building it into your process is the first thing,” Jamieson tells Insurance Business. “Not everyone you ask is going to leave a review so you need to ask more people and be bold in that ask.”

Secondly, Jamieson says brokers should make sure they’re delivering in such a way that a client would be delighted to leave a positive review.

“It should be a very small ask when you’ve done an exceptional job for them,” he says. “Brokers that are succeeding and growing are the more service-oriented ones, where the transaction becomes a by-product of great service.”

Thirdly, Jamieson says brokers should consider how they can make the review process as easily as possible for a client.

“Can you take out any road-blocks?” he asks. “You just need to make it really easy for that person to complete this process, which is very valuable for you.”